SMM February 10 News:
Spot Premiums/Discounts: The mainstream spot premiums for Jinchuan No.1 nickel were quoted in the range of 2,100-2,400 yuan/mt, with an average premium of 2,250 yuan/mt, down by 300 yuan compared to the previous trading day. Russian nickel premiums/discounts were quoted in the range of -200 to 200 yuan/mt, with an average premium of 0 yuan/mt, up by 50 yuan compared to the previous trading day.
Futures: Nickel prices opened lower in the morning, with a decline of 0.27%, reaching a low of 126,320 yuan.
Spot Premiums/Discounts: The premiums for Jinchuan-branded nickel slightly decreased WoW, likely due to the domestic surplus of refined nickel and inventory buildup of LME nickel, despite the recent tight supply of nickel ore overseas affecting prices. Spot premiums/discounts for other branded nickel plates in the spot market showed relatively small changes overall.
Nickel prices fluctuated within a range today. Jinchuan-branded nickel premiums saw a slight loosening. Spot premiums/discounts for other branded nickel plates remained largely stable this month. Nickel prices fluctuated overall today, with macroeconomic uncertainties leading to cautious downstream purchasing and a more cautious market sentiment. In the short term, nickel prices are expected to maintain a fluctuating trend within a range.
Price Spread with Nickel Sulphate: Nickel briquette prices were at 126,000-126,350 yuan/mt today, with an average price of 126,175 yuan/mt, up by 775 yuan/mt compared to the previous trading day's spot price. Nickel sulphate remained at a discount to refined nickel.
